Millennial superyacht owners are on the rise, reports Business Insider. They have already caused a shift in most industries, and the world of yachting is not an exception. In order to cater the younger generation needs, yacht brokers will have to adapt to their preferences and lifestyle, while those who stick to the traditional ways of yachting will be inevitably left behind.
Image courtesy: Kuznetcov_Konstantin/Shutterstock via Business Insider
#1. The yacht owners will get 10-15 years younger in the next 20 years.
Of the top 100 billionaires worldwide, 20% are below age 50, while superyacht owners are 10 to 15 years younger compared to 20 years ago, according to a new research by shipyard Rossinavi and the International University of Monaco. Furthermore, they are expected to get even younger — within the next 20 years, the median age of superyacht owners will decrease from the 45 to 55 range to the 35 to 45 range, according to Business Insider.
#2. The mindset is changing, with the trend towards chartering over ownership.
This new group of superyacht owners views yachting as "an occasional pastime rather than an enduring passion," according to the Monaco Yacht Show media packet. Still developing their business interests, self-made millennials consider a yacht as only one component of their fast-moving lifestyle.
Instead of materialistic attributes of luxury lifestyle, millennial superyacht owners prioritise adventure, water sports and exterior space. For them, life experiences take priority over material possessions.
For Millennials, travel is no longer a planned venture to be prepared and booked well in advance. The younger crowd prefers the freedom of chartering as it allows them to jump from one yacht in Monaco to another in Santorini without being tied to a physical boat. It is definitely a different concept from the traditional two-week summer cruise.
Erwin Bamps, CEO of Emirates-based shipyard Gulf Craft expresses his opinion as follows:
We are going to see a time when the traditional idea of yacht ownership starts to follow the same path as car sharing services; more convenient than a traditional taxi, and a real alternative to owning a car. The same principle will easily apply to luxury yachts. Imagine a global, technology-driven service that delivers the yacht you want, at the location you want, at the time you want, and can arrange a private jet to fly you there.
#3. The Millennials' different preferences may change yachting in terms of design and selling tactics.
The way people consume superyachts has changed, also reflecting in yacht design. According to the MYS packet, formal dining rooms and salons will be less evident as yacht designers turn to gyms, spa, water sports and spaces that enable open-air socialising to accommodate millennials' desires.
And those who custom order superyachts are no longer requesting offices on-board, according to Business Insider. They prefer to be able to relax during their yachting cruises instead.
With this upcoming wave of superyacht owners preferring to charter, yachting companies will likely have to shift their tactics of yachts selling. Most likely, they will need to make contacts with potential buyers through social media for a more immediate, personal form of communication.
However, in general, all the changes should be understood as an evolution rather than a drastic change. The MYS packet stated:
According to the study, millennials are going to do things differently and the product will have to be re-packaged, but the yachts will not change that much and the ownership concept will not go away anytime soon. They will want their own product like the rest of us. Things change, but human nature stays the same.
Rodriguez Design Studio in collaboration with Spanish shipyard Atollvic has presented a new 55-metre aluminium superyacht concept named Project Saona.The exterior design of Project Saona has been described as sporty yet elegant, featuring a sharp and aggressive bow. The vessel is fitted with an oversized swim platform, beach club and foldable balconies for maximised access to the sea. Dedicated tender storage spacious enough to house a Williams Dieseljet 625 tender and jet skis sits forward of the beach club. The latter is also equipped with a day head and storage for diving equipment.Other features on-board comprise a private owner’s terrace on the upper deck, large sunpads on the main deck and a large saloon flooded with natural light. A Jacuzzi with a sunpad would sit on the foredeck, shaded by carbon fibre awnings.Project Saona would offer accommodation to up to 10 guests across five cabins, including a 60-square-metre master suite. Other cabins lay on the lower deck, with two full-beam VIPs and two doubles.Propelled by two MTU 20V 4000 M93L, the yacht will be capable of a top speed of 22 knots and a range of 4,500 nautical miles at 12 knots. The studio’s founder Josh Rodriguez believes, that with her draught of only 2.1 metres, Project Soana would come out as an ideal yacht for Bahamas.
June 26, 2019
The first Venice Boat Show took place from June 18 to June 23, proving to be a reference for the world of recreational boating, strong of its dual commercial and cultural nature. The show reportedly received over 27,000 visitors.The objectives of the premises, summarised as “The Naval Art Back to Home”, were achieved. According to the organisers, the atmosphere amazed visitors, with multiple dedicated activities. During the Salone, 43 meetings were held to discuss all aspects of navigation: from the environment to sustainability and yacht design, accompanied by 8 exhibitions on the themes of boating, sea and transport.The Mayor of the city Luigi Brugnaro declared: Venice has returned as the queen of the seas in the widest cultural sense. <…> As a municipal administration, we have already financed the Salone for two more years. The goal we have set, is that the event becomes a fixed appointment and we have already started to collect registrations for the next edition. We want to have the whole supply chain, from small boats to big ones. During the show, the Ferretti Group deployed the Arsenal for the inaugural party of the 50-metre Riva flagship “Race” and for the world premiere of the motoryacht Custom Line 106.In future, the venue aims to respond to the needs of the shipyards that have their production units in the Adriatic and to those who sail along the tourist corridor that leads from Venice to Istanbul via Croatia, Montenegro, Albania, Greece.
June 26, 2019
Legendary heavyweight boxing champion Wladimir Klitschko and his family were rescued by the coastguards after the superyacht they were on-board had caught fire. The incident took place in the early hours of Monday about 11km off the coast of Mallorca, Spain.The Ukrainian sportsmen who had retired in 2017, tweeted a video of the rescue operation. The video depicts firefighters aboard the yacht, covered with firefighting foam. Fortunately, no one got hurt, stated Klitchko.Klitschko could be heard saying in the video:It's 3 in the morning. We're in the sea getting rescued from the Mallorcan/Spanish fire department. The boat was on fire, we're hanging out outside."Be careful what you wish for: fate took my wish for “some #adrenalin” a bit too literally and our boat-trip Sunday night ended up in our boat #igniting and family & friends being evacuated by coast guard and fire rescue-team. No worries: we are all fine!" - he wrote.According to German media Spiegel, the damaged vessel could have been a 28.14-metre Sunseeker yacht UM7.Palma's Maritime Rescue spokesman Miguel Chicon told CNN, the yacht's crew asked for urgent assistance once the incident occured. A coastguard rescue boat was sent for help and, once the fire was gone, they towed the damaged vessel to Port Adriano. However, during the towing further smoke came out from the engine room, forcing the crew to evacuate the passengers.The Maritime Rescue Service confirmed they evacuated nine people following the fire in the boat's engine room. No medical assistance was needed for the yacht's occupants, Miguel Chicon said.Klitschko, aged 43, was the world's most dominant heavyweight for a decade, reeling off 20 straight title bout wins. He retained his heavyweight title for over nine years, winning 64 out of his 69 fights. His last match took place in April 2017, finished with a knockout defeat by his rival Anthony Joshua.
June 26, 2019
Cristiano Ronaldo, a living legend of the football world and one of the highest-paid athletes ever, has shared pictures of his family holidays aboard a 47-metre Benetti superyacht Africa in the French Riviera. The photos were posted on the social media accounts of an athlete, whose yearly earnings were estimated at $109 million (Forbes). Africa is Benetti's FB501 hull, launched in Italy in 2010 and christened Imagination by her original owner. Two years later, she was put on the market through Camper & Nicholsons asking € 22,000,000. After price reduction up to €16,500,000, the yacht was sold through Camper in 2014 and renamed Africa. In 2016, she was listed for sale once again, with the deal closed in January 2018 at the asking price of € 16,750,000. The ownership meanwhile has not been officially confirmed. With a beam of 8.5 metres and a draft of 2.8 metres, the yacht boasts interior volume of of 492 GT. Built to an aluminium hull and aluminium superstructure, Africa features exteriors by Stefano Natucci and interiors by Francois Zuretti.The motor yacht can accommodate up to 12 guests across 6 cabins, including a master suite, four doubles and a twin cabin. As to the amenities on-board, Africa is fitted with a spacious Jacuzzi on the sun deck and a fully-equipped gym.According to The Sun, the yacht comes equipped with multiple water toys including two Seadoo RXP-X RS 300 Waverunners jet skis, one Seadoo 260 HP Waverunner jet ski, two F5S Seabobs, paddle board, wake board, and snorkelling equipment.Two MTU engines propel the yacht to a maximum speed of 24 knots and a cruising speed of 20 knots. Africa's maximum range is estimated at 3,400 nautical miles.
June 25, 2019
Benetti has announced the sale of the first superyacht to fly under Chinese flag, with a certificate issued by the China Classification Society. The 65-metre custom yacht FB270 continues the group’s success in the Asia Pacific area, following the recent sales of a Mediterraneo 116, Fast 125 and 50M custom yachts.Mr. Fu Buming, Port Administration Chief at the Department of Commerce of Hainan province, explains:Hainan is striving to become an international tourist centre, in accordance with the state’s general guidelines and requirements, in order to further develop the city as a first-class port tourism destination with a window to display world-class yachts and innovation within the global yachting industry.FB270 is a custom yacht with a steel hull and an aluminium superstructure. She features exteriors by Giorgio M. Cassetta in collaboration with Benetti in-house design team and Pierluigi Ausonio. The interiors present colourways reminiscent of the sea, beaches and tropical islands, with a design developed entirely in-house by Maria Rosa Remedi of the Benetti Interior Style Department.Some distinctive features on-board FB270 include the service bathrooms on every deck and a wealth of technical spaces and storage areas. Special care has been taken to separate crew flows from the guest areas to ensure maximum guest privacy.Peter Mahony, General Manager Benetti Yachts Asia, commented:The sale of FB270 shows that an evolution is taking place and that a market will adapt to its new environment if an open mind, hard work and can do attitude is shared by all parties involved.FB270 has been scheduled for delivery in the first half of 2021. Meanwhile, the sale represents more of an uncommon trend among the Chinese rich, who are keen to avoid buying private yachts. The same cannot be said for American customers, with just a recent order of a 67-metre superyacht from Benetti.
June 25, 2019